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Jun 30, 2024
Grand Canyon Education Q2 2024 Earnings Report
Second quarter results were reported with revenue and EPS increasing year-over-year.
Key Takeaways
Grand Canyon Education, Inc. reported an increase in service revenue to $227.5 million for the three months ended June 30, 2024, an 8.0% increase compared to the same period in 2023. The increase was driven by higher GCU enrollments and increased university partner enrollments at off-campus sites. Net income increased to $34.9 million, with diluted net income per share at $1.19.
Service revenue increased by 8.0% to $227.5 million compared to Q2 2023.
Partner enrollments totaled 106,307 at June 30, 2024, compared to 99,526 at June 30, 2023.
Operating income increased to $42.7 million, with an operating margin of 18.8%.
Net income increased 20.4% to $34.9 million, with diluted net income per share at $1.19.
Revenue by Segment
Forward Guidance
Grand Canyon Education provided guidance for Q3 2024, Q4 2024 and Full Year 2024.
Positive Outlook
- Service revenue of between $238.0 million and $240.5 million for Q3 2024.
- Operating margin of between 19.7% and 20.4% for Q3 2024.
- Diluted EPS of between $1.37 and $1.43 for Q3 2024.
- Service revenue of between $286.5 million and $291.5 million for Q4 2024.
- Operating margin of between 34.7% and 35.7% for Q4 2024.
Challenges Ahead
- Effective tax rate of 20.8% for Q3 2024.
- 29.1 million diluted shares for Q3 2024.
- Effective tax rate of 21.7% for Q4 2024.
- Diluted EPS of between $2.78 and $2.91 for Q4 2024.
- 28.9 million diluted shares for Q4 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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